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Shapero helps Scholium Group swing to profit
29th Nov 2019 09:58
(Sharecast News) - Scholium Group on Friday swung to an interim profit as an improvement in sales at its Shapero business drove revenue higher.
The book trader booked a profit before tax of £64,000 for the six months ended 30 September, compared with a loss of £56,000 in the same period last year, as revenue climbed by 10% to £3.6m.
The increase in turnover came after sales from its Shapero Rare Books & Shapero Modern business increased by 5% to £2.9m, while there were also improvements from Scholium Trading and Mayfair Philatelics.
In the months ahead, Shapero will continue to re-balance its stock towards prints and works on paper due to greater market opportunities, while Mayfair Philatelics is progressing well towards having a full auction calendar.
The AIM traded company added that rare and collectible item specialist Scholium Trading has made "some interesting purchases" and will now aim to build on its existing third party relationships.
Chairman Jasper Allen said: "We are pleased that the group has traded profitably in this six month period. The turnaround in the results from the loss in the corresponding period last year is due to better results from both Shapero Rare Books and Mayfair Philatelics and is encouraging given the challenging retail environment.
"The group has continued to trade satisfactorily since 30 September 2019. The group intends to build on the recent improved results by exhibiting at more art fairs in the second half of the year."
Scholium Group shares were down 6.20% at 37.05p at 0936 GMT.
The book trader booked a profit before tax of £64,000 for the six months ended 30 September, compared with a loss of £56,000 in the same period last year, as revenue climbed by 10% to £3.6m.
The increase in turnover came after sales from its Shapero Rare Books & Shapero Modern business increased by 5% to £2.9m, while there were also improvements from Scholium Trading and Mayfair Philatelics.
In the months ahead, Shapero will continue to re-balance its stock towards prints and works on paper due to greater market opportunities, while Mayfair Philatelics is progressing well towards having a full auction calendar.
The AIM traded company added that rare and collectible item specialist Scholium Trading has made "some interesting purchases" and will now aim to build on its existing third party relationships.
Chairman Jasper Allen said: "We are pleased that the group has traded profitably in this six month period. The turnaround in the results from the loss in the corresponding period last year is due to better results from both Shapero Rare Books and Mayfair Philatelics and is encouraging given the challenging retail environment.
"The group has continued to trade satisfactorily since 30 September 2019. The group intends to build on the recent improved results by exhibiting at more art fairs in the second half of the year."
Scholium Group shares were down 6.20% at 37.05p at 0936 GMT.